GR-5.5 Key Provisions for Overseas Insurance Licensees

GR-5.5.1

In the case of overseas insurance licenseesG , the branch must notify the CBB of any new significant ownership in excess of 50% of the issued and paid up capital of the concerned licensee'sG direct parent undertakingG as soon as the branch becomes aware. The overseas insurance firm licenseeG must provide a copy of the relevant approval by the home supervisorG of the parent. The CBB will take the appropriate action in such case.

Added: October 2015

GR-5.5.2

In assessing the suitability of a controllerG of the parent of an overseas insurance licenseeG , the CBB will take into regard that the change in control poses no undue risks to the licenseeG or its customers, and is not damaging to the interests of the market.

Added: October 2015

GR-5.5.3

Overseas insurance licenseesG must submit, within 3 months of their financial year-end, a report on their controllersG . This report must identify all controllersG of the branch, and details of the type of control.

Added: October 2015

GR-5.5.4

For overseas insurance licenseesG , the controllerG is the direct parent undertakingG . Any material changes as outlined in Paragraph GR-5.5.1, to the control of the direct parent undertakingG must be filed through submission of an updated Form 2 to the CBB.